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Author Topic: What will be the fate of Bitcoins in the hands of government coins  (Read 1215 times)
Gahs
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August 27, 2016, 12:52:17 PM
 #1

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
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August 27, 2016, 01:02:11 PM
 #2

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

What masses? Bitcoin is still tiny and only pioneers see the value in it yet. The average joe is an idiot that is why doesn't own any BTC yet, so there is no masses to dump bitcoin. People that understand bitcoin will not sell for a digital version of fiat since that is pointless.
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August 27, 2016, 01:03:31 PM
 #3

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
i dont think so. that british coin would need much time to overtake bitcoin. btw, from where did you get this information ? is it true that the british "government" is making a "pump and dump" based coin ? if it is really true then im sure that the british people will migrate to a different country which has a better government lol.. i cannot believe in your words.
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August 27, 2016, 01:14:41 PM
 #4

Government coins can never overtake Bitcoin because:

1) Government coins are closed source
2) Inflationary (infinite supply)
3) The devs will suck compared to Core devs

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August 27, 2016, 01:15:15 PM
 #5

british coin?

you do realise that from a real world point of view bank customers wont notice any difference.
uk banks already offer instant bank transfers so speed wont be any different. all it amounts to is security of the banks that can sack a few staff because they can run more efficiently. but for bank customers they will still have funds 'managed' by banks, so bank customers wont see it as a big deal or notice any difference.

all in all a bank using blockchain is just like a bank announcing a new type of secure mysql database.. meaning nothing to bank customers

bitcoin will still offer alot more than what banks can offer, because people wont see the benefits of a bank using blockchain based currency

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August 27, 2016, 01:19:52 PM
 #6

people need an reason to use these coins. if they are forced to use it, then this could be ugly.
if the use good marketing, then they could have a good chance, since not to many know about bitcoin.
but i think i would be good for bitcoin, since first you get hocked and can then switch to bitcoin.

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August 27, 2016, 01:47:32 PM
 #7

So let's compare the current status and the potential government coin and how they compare to Bitcoin.
Current system : Government Coin
1) Centralized system - Centralized system (It's highly doubtful that it will be otherwise).
2) Censorship - Censorship (standardized practice).
3) Mutable/reversible - Mutable/reversible (otherwise they have no control over it).

Bitcoin:
1) Decentralized system.
2) Censorship resistant.
3) Immutable/irreversible.

So please explain why would people go back to the same stuff that they wanted to get away from in the first place?

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August 27, 2016, 03:51:13 PM
 #8

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
Those coins will be centralized for sure, and people love bitcoin more for being decentralized and anonymous. Those coins they will distribute may based on blockchain tech and provide better security and transparency than the usual electronic payment systems banks have but i am quite sure they can't damage bitcoin.

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August 27, 2016, 03:54:16 PM
 #9

If that's the case, then I see that the coins will be the rival bitcoin. But I think the price offered british coins will not exceed the bitcoin and I am sure that bitcoin will remain superior in prices. But I don't know about user bitcoin, whether they are still loyal to use bitcoin or switched to the british. Only time can answer
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August 27, 2016, 04:23:08 PM
 #10

I would not trust any coin being owned and manipulated by them, just look at the way the fucked up the fiat system. Also prepare yourself for the end of physical cash, if this happens. The governments

of the world want to control every aspect of people's finances, and if they can eliminate cash and it's associated anonymity, they would just be too happy to dump physical currencies. Bitcoin is still in

the hands of some very open minded people with the same views... once this change, we should dump our coins.  Roll Eyes

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August 27, 2016, 04:43:08 PM
 #11

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?

I dont think people holding bitcoin will dump their holding because of this news.  As for the record, people who holds bitcoin are not only from UK, besides, I believe even with this centralized coin owned by banks, people will still choose to have freedom on the blockchain, and will prefer decentralized system.


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August 27, 2016, 05:11:06 PM
 #12

Bitcoin or altcoin user won't use government cryptocurrency because they know the truth.
Even government create their own coin, i think only mainstream user who would use it because it's part of bank/government service.

Bitcoin and altcoin still have lots of advantages and bitcoiner won't stop use bitcoin at all.

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August 27, 2016, 08:33:17 PM
 #13

The British government is making plans to have a British coin and Central banks all over the world are also showing interest in having their own coin.
Won't the masses dump bitcoins once these plans are implemented?
why would people dump bitcoins then? it would be just a centralized crypto no one would be into using them, it must be a joke Cheesy
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August 27, 2016, 08:37:38 PM
 #14

Well..... What usually happens with something when being taken and controlled by Governments? Same thing would happen with Bitcoin too. It would become a bad currency, everyone will leave it and it will get killed slowly overtime.
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August 27, 2016, 08:45:19 PM
 #15

it won't make one freaking ounce of difference in the short term apart from speeding up normal banking. a government crypto won't change one single thing from their present agenda.

In the long term a government crypto allows them to inflate, impose negative interest rates, spy on your every transaction and cut off your money supply if they don't like what they see.

what chance do you have to escape this tyranny? it starts with a BTC

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machinek20
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August 29, 2016, 01:19:17 AM
 #16

well in my opinion it wont affect anything, crypto coin is based on the usage in order to be alive and to be valuable, so if the government want to create coin to challenge bitcoin then its depend on the user, if the government coin can provide a better service than maybe there will a coin switching, but if nobody interested then the government coin will just become another alt coin
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August 29, 2016, 01:47:21 AM
 #17

Faint and vertual coins are both diffrent concepts.of government tries to make a lot of new coin then that will cause a huge diflation in price and can also currept the coin feom the market  Grin and of they don't then also its almost impossible to stand beside bitcoin price level

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November 18, 2016, 12:55:24 PM
 #18

It has a great future if fallen into good hands .well u cant trust the goverment for the bitcoins .its useless ..they have the power of doing everything .keep bitcoining until and unless its illegal in ur country ..kudoos Smiley
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November 18, 2016, 12:59:56 PM
 #19

Bitcoin or altcoin user won't use government cryptocurrency because they know the truth.
Even government create their own coin, i think only mainstream user who would use it because it's part of bank/government service.

Bitcoin and altcoin still have lots of advantages and bitcoiner won't stop use bitcoin at all.



I agreed on your opinion, I think also other government wont use the
bitcoin as cyrptocurrency. Others maybe wont use and also it will not
be successful. They likely more not interested and will not enjoy the
bitcoin freedom.


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machinek20
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November 18, 2016, 01:03:13 PM
 #20

Eventhough the government create their own coin, we still dont know whether any user want to use or not, so i think bitcoin will be fine, because the user prefer the coin which doesnt has anything to do with government
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